BlackBerry Faces Sanctions In Indonesia and 2 Other Hot Stocks to Watch
BlackBerry (NASDAQ:BBRY): Current price $9.69
The Communication and Information Technology Ministry of Indonesia is readying sanctions against BlackBerry, following its fourth outage since April 2012. On Thursday, on outage caused Indonesians to be without access to some messaging services from the company. Ministry spokesman Gatot Dewa Broto said that the sanctions are awaiting BlackBerry’s report into the disruption, and that the government will also check with the country’s telecommunication regulatory board to determine whether the incident violated local rules, commenting, “We don’t want to be seen as allowing this to keep happening again. We are preparing sanctions.” Broto did not elaborate as to what these might be.
Petroleo Brasileiro – Petrobras (NYSE:PBR): Current price $12.10
The development bank of Brazil, Banco Nacional de Desenvolvimento Economico & Social, will invest $93.4 million constructing water tanks to help the northeast region deal with the worst drought in 50 years. The program was formed by the Ministry of Social Development, Fight Against Hunger, and the state-run oil company Petroleo Brasileiro, according to a statement. In a statement on its website, the bank said that the funds will go towards some 64,000 cisterns in eight states for low-income families by the middle of 2014. Over 90 percent of the 1,133 municipalities in Brazil’s semi-arid region have declared a state of emergency because of water shortages, said the statement.
Barrick Gold Corporation (NYSE:ABX): Current price $13.65
On Friday morning, gold futures dropped by over $40 an ounce, due to a stronger than expected economic report in the United States, which contributed to a rise in the dollar and U.S. equities. On the Comex division of the New York Mercantile Exchange, gold for August delivery lost $41.60, or 3.3 percent, to $1,210.30 an ounce. President Jason Rotman of Lido Isle Advisors said that “Gold is down big today mainly due to the very strong U.S. jobs numbers. Gold caught a short-covering rally combined with a safe-haven bid last week (on Egypt protests), but today the strong fundamentals of the U.S. economy overshadow all else in the gold market.”